The Capitol Forum

Everyone knows their data gets sold. Almost nobody knows how much of it companies just give away, blurred enough to call it anonymous. In this episode of Second Request, Executive Editor Teddy Downey sits down with former Capitol Forum correspondent and privacy lawyer Ben Neumeyer to discuss how DOGE spent a year and a half pooling federal records and made every one of those files findable again.

There's a hole in the life and annuity sector's balance sheet, and private equity dug it.

In this episode of Private Credit Crisis, Executive Editor Teddy Downey sits down with Nick Nemeth, an investor and the writer of Mispriced Assets, to discuss the life and annuity industry's growing exposure to private credit and the potential risks for insurers and the broader financial system.

With little response from the federal government, state legislatures around the country are looking at banning the use of personalized pricing.

Today on Second Request, Executive Editor Teddy Downey sits down with Hal Singer and Gavin Sicard to explain what personalized pricing actually is, and how its deployment today leads to higher consumer prices.

We're excited to introduce Private Credit Crisis, a new weekly podcast from The Capitol Forum examining the policy problems building inside the private credit industry.

In this first episode, Executive Editor Teddy Downey and reporter Josh Kosman sit down with attorney Jim Woolery, who is bringing lawsuits on behalf of investors alleging that private equity firms have inflated the assets on their balance sheets and charged inflated management fees on those assets, even as their performance has deteriorated.

When phone makers turned on Qualcomm, the company built an intricate, multi-front strategy to fight back. Now, two former employees say the same playbook is being run in streaming.

Today on Second Request, Christie Thoene and Kirti Gupta sit down with executive editor Teddy Downey to revisit their years inside Qualcomm and explain how today's fights over streaming technology mirror the smartphone wars of the 2010s.

This week, Meta reached a multibillion-dollar settlement in federal court over allegations that it was aware of the harm its products could cause to teenage mental health. That may be the tip of the iceberg for Mark Zuckerberg's problems.

Today on Second Request, Executive Editor Teddy Downey sits down with Julia Angwin to discuss how Meta's core business, Facebook, is failing, and how Zuckerberg's ambitions to become an AI giant have failed to materialize.

To earn the return on its investment, artificial intelligence will need to nearly triple productivity in the U.S. economy. So what will it do?

Today on Second Request, Executive Editor Teddy Downey sits down with Jessica Wachter, the Dr. Bruce I. Jacobs Professor of Quantitative Finance at the Wharton School and a research associate at the National Bureau of Economic Research, to discuss her recent paper, "What Investment Data Implies About the AI Transition," co-authored with Jonathan Wachter.

The Ellison family has been on a quest to reshape American media and Hollywood — their next target: Warner Bros. Discovery, home of HBO Max and CNN. 

Today on TCF Investigates, Arjun Singh sits down with editors Jeff Bliss and Jim Oliphant to hear about The Capitol Forum's exclusive reporting on the states' merger trial, and why a state victory could be a paradigm shift for antitrust law.

Plant-based protein has become a mainstay in restaurants and household dinners, but as an emerging industry it's susceptible to the market power of major food companies.

Today on Second Request, Executive Editor Teddy Downey sits down with Andy Fitch and Cynthia Hanawalt of Columbia Law School's Sabin Center for Climate Change Law to discuss how antitrust law could prevent the alternative protein industry from being eaten up by its biggest players.

Millions of life insurance policies are tied to the fortunes and speculation of the world's biggest private equity companies. Now, their risk of defaulting on their obligations is increasing, and some worry it could lead to another financial crisis. 

Today on Second Request, Teddy Downey sits down with Andrew Granato, Assistant Professor at the University of Texas School of Law, and Pranjal Drall, a J.D.-Ph.D. candidate in Financial Economics at Yale University, to discuss their recent paper, "Private Credit's State Backstop: How Private Equity Socializes Risk Through Insurers." 

Waymo, Apple, Meta and Google have constructed ecosystems that have immense leverage over the global economy and infrastructure. So how should antitrust law tackle that?

Today on Second Request, Executive Editor Teddy Downey sits down with J. Wyatt Fore to discuss the emerging antitrust risks in edge computing and AI.

Same ride, two different prices — that's the new reality facing Uber and Lyft passengers.

Today on Second Request, Executive Editor Teddy Downey sits down with Derek Kravitz of Consumer Reports to talk about Kravitz's new reporting on how Uber and Lyft make use of algorithmic pricing to charge consumers different prices and inflate base costs.

Today on Second Request, Executive Editor Teddy Downey sits down with Carter Dougherty, senior fellow for anti-monopoly and finance at Demand Progress, who argues that Visa and Mastercard enable banks to coordinate pricing without ever explicitly agreeing to it — and makes the case for how the Credit Card Competition Act, ongoing antitrust litigation, and a more aggressive enforcement posture could finally break the duopoly's grip on the payments market.

Twelve states just sued to block Paramount's $110 billion acquisition of Warner Bros. Discovery, arguing the deal would leave viewers with fewer choices and higher prices.

Today on Second Request, Executive Editor Teddy Downey sits down with The Entertainment Strategy Guy, who writes one of Hollywood's leading newsletters about the streaming and entertainment industry.

Read The Entertainment Strategy Guy's Substack here: https://entertainment.substack.com/

What happens if an AI chatbot tells someone to kill someone else? 

Tragically, this situation unfolded at a Florida school when a shooter asked ChatGPT for advice on how to conduct a school shooting. But do the creators of ChatGPT bear any responsibility? That's what Erie Meyer, former chief technology officer of the Consumer Financial Protection Bureau, thinks, and in this episode of Second Request she sits down with Arjun Singh to explain why.

In the second episode of The Surveillance Economy, a mini-series from The Capitol Forum Investigates, Arjun Singh sits down with Andrew G. Ferguson, a law professor and expert in policing and technology, to discuss his new book Your Data, Will Be Used Against You: Policing in the Age of Self-Surveillance.

Together, the two discuss how law enforcement agencies use personal data from data brokers to create predictive policing programs, and the potential pitfalls of consumer data being handed over to law enforcement.

Corporations are spying on you — and you've given them permission to do it.

Every time we log on to a browser, open an app or share information with a business, that data is packaged and sold. This lucrative business, however, has turned consumer technology into a surveillance apparatus, and that information is being sold to governments around the world. In the first episode of a special two-part investigation on "The Capitol Forum Investigates," reporter Ethan Ehrenhaft tells the story of how a former cocaine smuggler taught the government how to surveil the public, and how states, including Ca...

Who will pick up the pieces if the AI hype fizzles?

Today on Second Request, Executive Editor Teddy Downey sits down with Matthew Scherer of the Open Markets Institute to discuss his recent report, "No Bailouts for Big Tech Billionaires: Policies for When the AI Bubble Bursts." Together, the two examine the massive debt fueling artificial intelligence spending and the role of private credit, shadow banking, and other opaque financing structures in AI markets.

In 1961, Congress granted the NFL an antitrust exemption allowing the league to collectively negotiate broadcasting rights, revolutionizing sports broadcasting in America. Now, streaming companies like Amazon argue the law doesn't cover them, and that NFL teams can't collectively bargain with them for broadcasting rights.

Today on Second Request, Executive Editor Teddy Downey speaks with Katie Van Dyck, Senior Legal Fellow at the American Economic Liberties Project, to discuss her recent article, "How an Obscure Law Lets Sports Leagues Rob Fans Blind."

Will the budget airline die with Spirit Airlines? For decades, four major carriers have controlled most of the U.S. airline market — but the collapse of Spirit has renewed questions about the future of flying and what less competition means for airfare.

Today on Second Request, Executive Editor Teddy Downey sits down with Gene Burrus, founder of Burrus Competition Strategies, to talk about the state of competition and consolidation in the airline industry.

When you signed up for Disney+, you probably signed away your right to sue Disney. Most Americans have — buried in the terms and conditions of many apps is a legal clause called forced arbitration, and it's become corporate America's get-out-of-court-free card.

Today on Second Request, Executive Editor Teddy Downey sits down with Brendan Ballou — former special counsel in the DOJ's Antitrust Division and author of the new book When Companies Run the Courts: How Forced Arbitration Became America's Secret Justice System — to discuss the history and impact of forced arbitration in America.

In this episode of Second Request, Executive Editor Teddy Downey sits down with Dr. Courtney Radsch to discuss her new paper examining content licensing relationships between publishers and artificial intelligence firms. Together, the two look at how A.I. companies utilize published information and the policy tools that could empower publishers to prevent A.I. firms from improperly using their material.

Is the Live Nation-Ticketmaster era finally over?

In a landmark verdict, a jury found that Live Nation-Ticketmaster operated an illegal monopoly — a conclusion that musicians, venue owners, and fans had been waiting years to hear. For decades, Ticketmaster held the concert industry in a stranglehold, leveraging its market dominance and even government resources to lock out any competition that dared to emerge.

Today on The Capitol Forum Investigates, reporters Krista Brown, Cole Cahill, and Rebecca Kern break down how Live Nation-Ticketmaster built the extraction engine that came to control live music — and what this verdict mean...

Why is Irish butter better than American? It's about consolidation.

Today on Second Request, Executive Editor Teddy Downey sits down with author and agricultural policy expert Austin Frerick to look at the state of consolidation in the American food industry, and emerging regulatory trends in the agricultural sector. 

In this episode of Second Request, Executive Editor Teddy Downey sits down with John Newman, an antitrust expert and professor at the University of Memphis, to discuss Newman's recent paper "Lawless Antitrust" and the how antitrust enforcement has deviated from statutory text. 

Humanity is outsourcing decision making to machines.

Today on Second Request, Executive Editor Teddy Downey sits down with Gideon Nave and Stephen Shaw, two researchers from the Wharton School of the University of Pennsylvania to discuss their recent research on the influence of artificial intelligence on human decision making.

Trillions in commitments. Billions in off-balance-sheet debt. Circular investments between vendors and their own customers. The AI infrastructure build-out looks less like a gold rush and more like a house of cards — and policymakers have no plan for when it falls.

Today on Second Request, executive editor Teddy Downey sits down with Asad Ramzanali, Director of AI and Technology Policy at the Vanderbilt Policy Accelerator, to discuss his paper "After the AI Crash" — and why the time to prepare for a financial crisis is before it happens.

Understanding A.I., it seems, is the fastest way to start doubting it.

Today on Second Request, we're re-sharing a conversation Executive Editor Teddy had with Chiara Longoni, Associate Professor of Marketing at Bocconi University, to discuss her research on AI literacy — and why people who understand AI less may actually trust it more.

Note: This conversation originally aired on Second Request on November 10, 2025.

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Your life insurance policy may be private equity's ticking financial time bomb.

In this episode of The Capitol Forum Investigates, reporter Lisa Epstein explains her recent investigation into sweeping changes in the life and annuities sector driven by private equity-owned insurers. Despite promising security to policyholders, many of these companies use complex financial structures to shift liabilities into offshore accounts — masking the true health of the policies millions depend on. Now, the recent collapse of a Connecticut-based life insurer has observers around the world asking whether the next global financial crisis is already being built from the in...

In this episode of Second Request, Executive Editor Teddy Downey sits down with Brendan Ballou, founder of the Public Integrity Project, to examine corruption enforcement under the Trump administration. They also discuss the legal implications of Trump's presidential pardons, which have been criticized for benefitting allies and donors. 

To learn more about The Capitol Forum follow us on Linkedin and Bluesky.

Affordability is the hottest word in politics, but how does it actually become a reality? One idea: home savings accounts to help new homebuyers compete in an inflated real estate market.

Today on Second Request, executive editor Teddy Downey sits down with Jon Schweppe, director of policy initiatives at the American Principles Project, to hear why he thinks home savings accounts could be a powerful tool to help bring down the cost of housing.

Today on Second Request, Executive Editor Teddy Downey is joined by Jonathan Kanter, the former Assistant Attorney General for the Antitrust Division of the Department of Justice from 2021 to 2024. Together, they unpack the evolving antitrust argument against Ticketmaster.

Editor’s note: This conversation was recorded before the Department of Justice announced a settlement with Ticketmaster on March 9, 2026.

To learn more about The Capitol Forum follow us on Linkedin and Bluesky. 

Today on Second Request, Executive Editor Teddy Downey sits down with Seth Bloom,  President and Founder of Bloom Strategic Counsel, to unpack what would have been the antitrust implications of Netflix's potential acquisition of Warner Bros. 

This conversation was recorded before Netflix announced they would be ending their bid for Warner Bros. 

To learn more about The Capitol Forum follow us on Linkedin and Bluesky. 

In November, the Department of Justice made headlines when they announced a settlement with the software company RealPage in the DOJ's lawsuit against the company for antitrust violations.  But, some have questioned that strategy, especially with several state governments pursuing action against the company. 

In this episode of Second Request, Executive Editor Teddy Downey unpacks the DOJ's settlement with David O. Fisher, Senior Counsel at the American Antitrust Institute, and the author of the recent commentary "Closing Costs, a Critical Examination of the DOJ's Proposed RealPage Settlement.”

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When a Pittsburgh based business owner opened a franchise of one of Xponential Fitness' exercise brands, he had no idea it would end in bankruptcy, intimidation and threats of violence. 

Today on The Capitol Forum Investigates, investigative correspondent Kim Geiger discusses her multi-year investigation into the company Xponential Fitness, and reveals how they lured franchise owners into a predatory relationship that led multiple franchisees to file for bankruptcy, and has made Xponential the target of multiple government probes and lawsuits. 

Today on Second Request, Executive Editor Teddy Downey sits down with Sacha Sloan a senior correspondent at The Capitol Forum to discuss Sacha's recent reporting on potential collusion in the microchip sector. Together they discuss how coordinated production cuts, reduced capital expenditures, and public signaling by major NAND manufacturers are contributing to a sharp supply crunch and record price increases. 

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2026 could make or break Roblox. That's because the multi-billion dollar children's video game company is mired in dozens of private lawsuits on top of multiple probes from several state governments, the FTC and the DOJ. In this episode of The Capitol Forum Investigates, reporter Ethan Ehrenhaft sits down with Arjun Singh to talk about the future of Roblox in the wake of major allegations of sexual exploitation and abuse on its platform.

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Today on The Capitol Forum Investigates, correspondent Krista Brown discusses the use of artificial intelligence in airline pricing, and how it could potentially lead to personalized prices for plane tickets.

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Today on Second Request, Executive Editor Teddy Downey sits down with antitrust expert Hal Singer, who argues why AirBnb is violating antitrust laws, and how enforcement could address distortions in the housing and rental markets.

The conversation centers on Singer’s recent article, “The Antitrust Case Against Airbnb,” which analyzes how Airbnb’s “Smart Pricing” algorithm may facilitate price coordination among short-term rental hosts, the broader effects of short-term rental platforms on housing supply and rents, and the challenges regulators face in applying antitrust law to platform-based and AI-driven pricing models.

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In today's episode of Second Request, Executive Editor Teddy Downey sits down with Graham Steele former former Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury and current Academic Fellow at the Rock Center for Corporate Governance. They discuss Steele's recent paper Financial Statecraft and explore the role of financial institutions in American foreign policy, and the tradeoffs for regulation of those industries in the U.S.

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To read Graham Steele's paper Financial Statecraft click here.